UBS email casts doubt over Tom Hayes Libor conviction

Newly-emerged email conflicts with the central argument used to secure guilty verdict in 2015

Tom Hayes leaves Southwark Crown Court in 2015
Neil Hall / Reuters

By

Lucy McNulty

May 14, 2018 Updated: May 15, 2018 9:31 a.m. GMT

The conviction of Tom Hayes, who was jailed for conspiring to rig the Libor benchmark interest rate, has been called into question after an email has emerged that undermines the former UBS trader’s sentence.

The email, seen by Financial News, was written in June 2008 by a former senior executive at UBS and paints Hayes as a loyal and respectful employee.